JAKARTA - PT Bank Central Asia Tbk (BBCA) merges two of its subsidiaries, PT BCA Multi Finance (BMC) into PT BCA Finance, effective starting yesterday (1/9).

Linda Chandrawati, Head of ESG of BBCA, confirmed that the merger of both subsidiaries had been approved by Financial Services Authority (OJK), BCA Finance’s shareholders, as well as BCA Multi Finance’s shareholders. “BCA Finance as a merged company is expected to be more solid, efficient, and effective,” she added.

So far, BCA Multi Finance has been focusing on financing for used two-wheelers and four-wheelers, whereas BCA Finance focuses on car financing. “BCA Finance as a merged company is expected to reinforce BCA’s business group position in financing sector,” Chandrawati further said.

After this merger, all assets and liabilities of BCA Multi Finance will be transferred to BCA Finance as the acquiring party. BCA Finance has 99.59% of shares owned by BBCA, while another 0.41% belong to BCA Finance Limited. (LK/ZH)